The municipal market supervision bureau announced on June 5 that Yiwu has seen a remarkable surge in the establishment of new market entities, with over 110,000 registered between January and May this year.

The figure marks a year-on-year growth of 40.51 percent, and the total number of registered market entities has reached 972,700.

"I recently obtained my company's business license and found the process very convenient. It took less than an hour. Yiwu's efficiency is truly remarkable!" said Wang Wei, owner of Leya Trading Co.

The efficiency experienced by Wang is a direct result of Yiwu's newly upgraded intelligent registration system for market entities.

The system is the first of its kind in the province, encompassing all types and stages of business registration. The system was launched in 2019 and has been upgraded to its version 3.0, which is capable of handling the full range of administrative approval procedures, including new registrations, modifications, and cancellations of market entities.

Data shows that since the release of the 3.0 version in April this year, over 15,600 intelligent registration applications were processed in the first month, accounting for over 52 percent of total applications in the same period.